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Possible Bearish Inside Day Candle Pattern Detected for Celanese Corp-A (NYSE:CE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Celanese Corp-A (NYSE:CE) based on the price action in the company's shares. Yesterday's price range of $126.28 and $127.23 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Celanese Corp-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $126.68, Celanese Corp-A is currently 2.5% above its average consensus analyst price target of $123.53. The stock should discover initial support at its 50-day moving average (MA) of $121.78 and subsequent support at its 200-day MA of $108.49.

Celanese Corporation is a global integrated producer of chemicals and advanced materials. The Company's products include acetyl, acetate, vinyl emulsion, and engineered polymers. Celanese operations are primarily located in North America, Europe, and Asia.

In the past 52 weeks, shares of Celanese Corp-A have traded between a low of $82.91 and a high of $128.88 and closed yesterday at $126.68, which is 53% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.4%.

SmarTrend is tracking the current trend status for Celanese Corp-A and will alert subscribers who have CE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle celanese corp-a

Ticker(s): CE